Phenolphthalein derivatives have been used as aromatic dihydroxy compound monomers to prepare polycarbonate resins as well as polyarylate resins. Clear grade polycarbonates, which have high transparency and low haze values, are commercially desirable for making various useful articles. Coloration is not desirable for many commercial applications. Generally, high purity monomers are used as starting materials for making clear grade polycarbonates. Impurities in the monomer can result in polymers with undesirable properties such as discoloration or haze. Currently available methods to make and isolate phenolphthalein derivatives are lengthy and resource intensive. Accordingly, there remains an ongoing need for more efficient methods of making and isolating phenolphthalein derivatives—particularly those useful in making polymers for transparent applications.